Suncorp today announced it will pass on the 0.25% rate decrease to variable rate home loan customers, following the Reserve Bank of Australia's announcement of a cut to the official cash rate today.
Effective 8 September 2008, Suncorp's variable rate on home loans will decrease by 0.25% pa to 9.42% pa (9.57% pa Comparison Rate ) for new and existing customers.
Fixed mortgage rates will also decrease by up to 0.60% effective Monday.
Suncorp Group Executive Banking, David Foster, said Suncorp supported the decision by the RBA to cut the official rate and was pleased to pass this on to customers.
"The interest rate rises we have experienced over the past year have proven effective in slowing consumer spending," he said.
"We know that cost of living increases, including rates and petrol prices, have placed additional pressure on customers so we're pleased to be able to pass on this rate cut," he said.
"We're also continuing to provide some of the best deposit rates in the market, giving our customers incentive to build their savings and work their money harder."
Suncorp deposits remain robust in a competitive environment, with term deposit and eOptions accounts offering attractive rates. The Suncorp Term Deposit Account is offering 8.20%pa fixed for 36 months.
Customers should contact the nearest branch of Suncorp or phone 13 11 55 to obtain full details.